Gentari seals deal for Wirsol’s Australian solar and storage assets

Malaysian oil and gas giant Petronas’ clean energy business Gentari has finalised its acquisition of Wirsol Energy’s Australian renewables assets, including 422 MW of operational capacity across solar and storage facilities, and 765 MW of potential capacity under development.

February 17, 2023 David Carroll

Wirsol's assets include the 90 MW Clermont Solar Farm in Queensland.

Image: Wirsol Energy

Clean energy entity Gentari Renewables Australia, a subsidiary of Malaysia’s state-owned oil company Petronas, has completed its purchase of Wirsol Energy and its assets from Germany-based renewable energy group Wircon.

Wirsol, which entered the Australian market in 2017, owns and operates renewable energy and storage projects across New South Wales (NSW), Victoria and Queensland. Its portfolio includes 422 MW of operational solar and storage projects and nearly double that in development.

Gentari’s purchase of the portfolio, understood to have been priced at just under $1 billion (USD 705 million), marks the company’s entry into the Australian renewable energy market.

It is also the latest milestone in the path towards Gentari achieving its target of 30 to 40 GW in renewable energy capacity by 2030, increasing its overall renewables portfolio to approximately 1.6 GW of installed capacity in Malaysia, India, UAE and Australia.

The company said its plans to grow its solar capacity and battery energy storage capability, and to position itself as a green hydrogen producer, with Australia as a strategic market to achieve these goals.

Gentari Chief Executive Officer Sushil Purohit said the acquisition of Wirsol is a key building block for Gentari in Australia.

“Australia offers strong market potential, underpinned by supportive government policies and a robust financing ecosystem, making the investment into Wirsol Energy a natural choice for Gentari,” he said.

“This addition to Gentari’s portfolio will enable us to continue our efforts in building capacity for delivering integrated sustainable energy solutions, to help customers make the journey to net zero emissions.”

Wirsol’s Australian assets include the 90 MW Clermont Solar Farm in Queensland and the 110 MW Wemen Solar Farm in north-western Victoria. Its development pipeline includes the 445 MW Maryvale Solar and Energy Storage project being developed in western NSW, and has acquired the land rights to develop the 75-85 MW Barnawartha Solar Farm in Victoria.

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